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Income Tax - Highlights / Catch Notes

Home Highlights January 2013 Year 2013 This

Depreciation on sale and lease back contracts and lease ...

Income Tax

January 16, 2013

Depreciation on sale and lease back contracts and lease contracts - number of transactions with different parties analyzed. - HC

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  1. Claim of depreciation in respect of assets allegedly leased - financing transactions - assessee purchased assets and leased back to the same company claiming 100% depreciation - HC

  2. Department failed to establish that Sale and lease back transaction was really a sham and dubious transaction and was a colourable device, depreciation allowed

  3. Sale and lease back transactions, no deduction of lease rental be allowed as sale of asset is paper transaction only – ITAT order reversed

  4. Depreciation on sale and lease back transaction – Not for sale sign affixed on assets - no material produced by the Revenue to show that the transaction of sale and...

  5. Depreciation on leased asset - Solar Generating System – Once, lease rentals are accepted by the revenue, there is no reason to disallow the depreciation - AT

  6. Depreciation on leased out Air Jet Spindle Assembly and Positar Disc / leased out LPG cyclinders - the assessee was not entitled to depreciation. - HC

  7. Depreciation on leased asset - in case the said lease rent is assessed under the head ‘income from other sources, then assessee is eligible for depreciation u/s 57(ii) - AT

  8. Tax Planning versus Tax Avoidance - Finance Lease / Operating lease - No straight jacket formula can be adopted to say that every case of sale and lease back...

  9. Assets given on lease and returning back to the assessee and again given on lease depreciation is required to be allowed once the assets purchased in the earlier year...

  10. Depreciation on leased assets - section 32 - Section 2(13) and Section 2(24) the income derived from leasing of the trucks would be business income - depreciaion allowed - HC

 

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